There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.
Joseph A. SchumpeterGeniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.
Joseph A. SchumpeterThe strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
Joseph A. SchumpeterRecognition of the inevitability of comprehensive bureaucratization does not solve the problems that arise out of it.
Joseph A. SchumpeterPessimistic visions about almost anything always strike the public as more erudite than optimistic ones
Joseph A. SchumpeterThose revolutions are not strictly incessant; they occur in discrete rushes which are separated from each other by spans of comparative quiet. The process as a whole works incessantly however, in the sense that there always is either revolution or absorption of the results of revolution, both together forming what are known as business cycles.
Joseph A. Schumpeter